Football Index Legal Advice

Legal advice. Have you been affected by the Football Index? 

Football Index has gone into administration, and its gambling licence has been suspended. This has left thousands of traders completely in the dark about the status of their investments and money, with many facing the possibility that they have lost thousands of pounds.
We are investigating potential claims relating to these ‘investments’.

As all traders will know, Football Index was model widely portrayed as a ‘Football Market’ with shares available for purchase and dividends paid. However, quite understandably, many traders did not understand that their ‘investment’ was a bet, and of those that did understand it was a bet, very few realised the terms of that bet.

Many traders have expressed their dismay at being mis-sold and do not understand how they could now find themselves in this position when they have done nothing wrong.

We share that disappointment, and our specialist team is considering traders’ rights and the best way to seek to recover their money. If you would like to register your interest in seeking recovery of your money, please submit your details.

FAQs

Will I receive my money back from Football Index?

That is our primary goal. At present, the trading licence of Football Index (or more specifically BetIndex Limited) has been suspended. Therefore, Football Index cannot take any meaningful action regarding refunds at present.

Once that suspension is resolved, we will then determine what capital reserves are available for traders to recover. There is a distinction between money held in your account (cash balances) and money invested in players. The money in your account should be segregated by Football Index and repaid, but the situation with the money 'invested' in players is far less certain.

To the extent there is a shortfall in the money you have contributed to the platform, which appears almost a certainty, we will consider pursuing claims against other related parties to seek a recovery for traders.

What potential claims can I make, and what are the key lines of enquiry?

We are reviewing this position in detail. Once we have conducted our preliminary review, we will update those parties interested in joining us in seeking to recover any money they are owed. At present, we are considering the involvement of:

• BetIndex Limited.
• The management of BetIndex Limited. 
• UK Gambling Commission.
• Jersey Gambling Commission.

Why Wright Hassall?

We have experience in gambling claims, financial services claims, actions against regulated gambling companies, and directly dealing with the Gambling Commission. Our team has secured 7 figure sums for clients in relation to gaming/gambling related claims.

We have been viewing the position with interest for a number of weeks and are aware of the number and manner in which this collapse has impacted people. With our experience and track record in gambling claims, we are confident that we are an excellent team to help those in need.

Do I have to pay?

No. We are undertaking this initial phase of investigation work at our own expense. If we do propose to proceed with a claim, and you would like to join us, we will not charge you as we go along, entering into a form of "no win, no fee" agreement. That means, unless we help you recover some of the money you have lost, we will not seek any payment from you.

If we establish viable claims, we'll make a funding proposal to interested 'traders', including insurance to protect our clients from adverse costs awards in favour of the other party/parties. Any proposal would therefore be "no win, no fee", with protection against exposure to the costs of the other party/parties.

Our proposal would also be flexible, with a greater return for our clients resulting in a smaller proportion of the total recovery being paid to us/the funder(s). It is, however, too soon to determine those thresholds, which is why we are not asking for an immediate commitment from interested 'traders'. We believe an informed decision can only be made by those affected after the viability of claims is established, including the likelihood of financial recovery.

Will deposits which you already note are segregated, be included in the no win no fee payment

We are considering all possibilities regarding funding.  If it is financially viable, as part of our funding proposal, we will exclude any ringfenced sums contained in segregated accounts that will be refunded by Football Index irrespective of legal action.

Can the two law firms pursuing repayment obtain different outcomes/be prioritised?

Alternative law firms could obtain different outcomes.  This is far more likely as a consequence of settlement negotiations, if they are to take place.  If the matter proceeds to trial, all creditors of Football Index are likely to be treated similarly, as unsecured creditors.

How long will this all take?

We anticipate reporting back with our initial findings and views to those who have registered interest during April 2021. How long any recovery of your money will take depends on BetIndex Limited's actions and subsequently the other associated parties referred to above.

What happens next?

Once you have registered your interest, we will contact you with some information about our views on the claim. If we believe there is a viable claim, we will then explain our initial views on the scope of the claim, provide a proposal to you, and you can then decide whether you wish to join the claim or not.